Funding arb · Price arb /

PNUT

all PNUT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.010%

Price spread now: Deribit against Gate−0.125%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.125% cheaper against Gate than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PNUT_USDT	0.05599	0.0100	pay 0.0050% / 4h	2h 55m	$858K	$1.1M	50x
Short	Deribit PNUT_USDC-PERPETUAL	0.05592	0	get 0.0000% / 1h	55m 55s	$4	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GatebpFee DeribitbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$21
Price spread: −0.125% → 0.000%: −$12.5
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$55.5
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 1 min ago; Deribit: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Gate live order book, 1 min ago	9.84 bp	33.1 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PNUT on 16 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit PNUT_USDC-PERPETUALshort	0.0000%	1h	0.05592	−0.125%	$4	—	10x
BloFin PNUT-USDT	+0.0089%	4h	0.05588	−0.196%	$287K	$25K	50x	as long as short
Aster PNUTUSDT	+0.0100%	4h	0.05590	−0.158%	$3K	$19K	5x	as long as short
Binance PNUTUSDT	+0.0100%	4h	0.05601	+0.028%	$5.3M	$9.8M	50x	as long as short
Bybit PNUTUSDT	+0.0100%	4h	0.05598	−0.018%	$2.6M	$1.3M	50x	as long as short
OKX PNUT-USDT-SWAP	+0.0100%	4h	0.05595	−0.071%	$1.7M	$5.6M	20x	as long as short
Gate PNUT_USDTlong	+0.0100%	4h	0.05599	long leg	$858K	$1.1M	50x
MEXC PNUT_USDT	+0.0100%	4h	0.05599	0.000%	$1.2M	$385K	100x	as long as short
Bitget PNUTUSDT	+0.0100%	4h	0.05597	−0.036%	$769K	$1.1M	50x	as long as short
BingX PNUT-USDT	+0.0100%	4h	0.05599	0.000%	—	$6.6M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni PNUT	+0.0100%	4h	0.05582	−0.310%	$32	$3K	—	as long as short
Extended PNUT-USD	+0.0104%	1h	0.05591	−0.142%	$6K	$139K	5x	as long as short
KuCoin PNUTUSDTM	+0.0280%	4h	0.05600	+0.018%	$1.1M	$131K	30x	as long as short
Kraken Futures PF_PNUTUSD	+0.0746%	1h	0.05604	+0.088%	$24K	$13K	10x	as long as short
Hyperliquid PNUT	+0.0840%	1h	0.05605	+0.107%	$1.6M	$478K	3x	as long as short
Coinbase International PNUT-PERP-INTX	+0.1072%	1h	0.05688	+1.590%	$361K	$56K	50x	as long as short